When you process payroll direct deposits for your clients, the funds need to be processed through an electronic network of financial payments known as the automated clearing house (ACH).
In these days of rampant hacking and ransomware, how can you ensure that your client funds are safe and secure while out of your possession and in transit, and what are best practices for doing so?
According to the ACH network governing body, NACHA, the following must be avoided with a layered security approach:
- Forming a relationship with an entity whose risk tolerance does not align with an organization’s own tolerance
- Introducing unauthorized or fraudulent transactions into the network
- Processing erroneous files
- Originating a credit file for which an Originator can’t settle, or a debit file that exceeds an Originator’s ability to fund returns
- Failing to recognize deteriorating origination quality
Our new whitepaper, What Every Payroll Provider Needs to Know about Security Best Practices for ACH Direct Deposits, identifies recommended security layering to protect your ACH payroll processing transactions so you can sleep well at night knowing that your client payroll funds are secure.
Highlights of our whitepaper include:
- Crime Bond
- SOC 1 & SSAE 18
- Independent External Audits
- Internal Daily Client Fund Audits